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In Search of Real Rigidities

In: NBER Macroeconomics Annual 2010, Volume 25

  • Gita Gopinath
  • Oleg Itskhoki

Are quantitatively important real rigidities present in the data? The answer appears to depend on what data one looks at. Recent studies using price data underlying US CPI index provide evidence suggesting a limited role for real rigidities. Evidence from international prices, however, points towards the importance of strategic complementarities in price setting resulting in considerable pricing-to-market effects. This paper provides further evidence on the role of real rigidities and then proposes a theory to bridge the gap between the two sets of facts.

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This chapter was published in:
  • Daron Acemoglu & Michael Woodford, 2011. "NBER Macroeconomics Annual 2010, Volume 25," NBER Books, National Bureau of Economic Research, Inc, number acem10-1, October.
  • This item is provided by National Bureau of Economic Research, Inc in its series NBER Chapters with number 12033.
    Handle: RePEc:nbr:nberch:12033
    Contact details of provider: Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
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    1. Peter J. Klenow & Jonathan L. Willis, 2006. "Real rigidities and nominal price changes," Research Working Paper RWP 06-03, Federal Reserve Bank of Kansas City.
    2. Gita Gopinath & Roberto Rigobon, 2006. "Sticky Borders," NBER Working Papers 12095, National Bureau of Economic Research, Inc.
    3. Christian Hellwig & Ariel Burstein, 2007. "Prices and Market Shares in a Menu Cost Model," 2007 Meeting Papers 327, Society for Economic Dynamics.
    4. Mark Bils & Pete Klenow & Benjamin Malin, 2009. "Reset Price Inflation and the Impact of Monetary Policy Shocks," Discussion Papers 08-041, Stanford Institute for Economic Policy Research.
    5. Gita Gopinath & Pierre-Olivier Gourinchas & Chang-Tai Hsieh & Nicholas Li, 2009. "Estimating the border effect: some new evidence," Working Papers 09-10, Federal Reserve Bank of Boston.
    6. Basu, S., 1993. "Intermediate Goods and Business Cycles: Implications for Productivity and Welfare," Papers 93-23, Michigan - Center for Research on Economic & Social Theory.
    7. Nicolas Berman & Philippe Martin & Thierry Mayer, 2009. "How do different exporters react to exchange rate changes? Theory, empirics and aggregate implications," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00973027, HAL.
    8. Nakamura, Emi & Zerom, Dawit, 2008. "Accounting for Incomplete Pass-Through," MPRA Paper 14389, University Library of Munich, Germany.
    9. Richard Pomfret & Patricia Sourdin, 2010. "Why do trade costs vary?," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 146(4), pages 709-730, December.
    10. Pinelopi K. Goldberg & Rebecca Hellerstein, 2007. "A framework for identifying the sources of local currency price stability with an empirical application," Staff Reports 287, Federal Reserve Bank of New York.
    11. Caplin, Andrew S & Spulber, Daniel F, 1987. "Menu Costs and the Neutrality of Money," The Quarterly Journal of Economics, MIT Press, vol. 102(4), pages 703-25, November.
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